More and more accountants are getting into the business of filling out financial aid forms as a way of generating extra income for themselves, but there’s a debate, even among accountants, as to whether they are the best qualified to complete these complex forms.

Reasons Not to Hire a CPA to Complete Your FAFSA

No Follow Up. An accountant will likely only complete the FAFSA and not the Student Aid Report, the CSS Profile, the IDOC, or other need-based applications. That’s like having an accountant fill out your 1040 but not your Schedule A, B, C, D, or EIC.

Focus is on your tax refund, not your student’s financial aid. Accountants may get you a bigger refund, but they may not get your student more financial aid. Sometimes what’s good for one may not be good for the other.

Can raise your expected family contribution. Misstated income or assets can raise how much the federal government or colleges expect you to pay. An incorrect FAFSA can raise your EFC.

Increased likelihood of a government audit. The government must, by law, audit 30% of all FAFSAs. They start by looking at those that contain mistakes. Putting your FAFSA in the hands of someone not used to filling them out can increase your chances of being audited, which in turn delays or diminishes your aid.

Does not understand how to appeal financial aid decisions. If you’re audited by the IRS, you want your accountant there, but if you need to appeal a college’s financial aid decision, is he really your best choice? Appeals and Special Circumstances letters require a certain skill most accountants simply don’t have.If you get a poor offer from a college, you want someone who can help you get more financial aid.

Financial aid experts, like accountants, are specialists, and should be used accordingly. Before hiring a financial aid expert, consider what they provide you. Make sure they benefit your financial situation:

A good financial aid expert should stay with you through the entire process, from filling out the FAFSA and CSS Profile to reviewing the SAR, IDOC and college financial aid packages.

A very good financial aid expert will also complete all state and college financial aid forms, plus appeal any poor offers you receive from colleges.

The best financial aid experts work with you long before it comes to those forms to make sure you get both need-based and merit-based financial aid. That way, you’re not hoping an accountant knows a few tricks to get you more money.

Most financial aid experts don’t suggest they should do your taxes, just like most accountants don’t suggest they do your financial aid forms. While the forms share certain terms, each has a language all its own and requires someone who understands it.

Financial aid experts have financial aid right in their title and should receive strong consideration if you want to receive the best financial aid. They may not get you the best tax refund, but they can get you thousands more from a college.

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